First Berlin Reaffirms Buy Rating for PNE AG with Revised EBITDA Outlook

First Berlin Equity Research GmbH has released a new research update on PNE AG, maintaining a buy rating and a target price of EUR 19.00. Analyst Dr. Karsten von Blumenthal cited improved performance in project development as a key reason for revised positive forecasts. PNE's projected EBITDA for 2024 is now between €60 million and €70 million, exceeding previous guidance and representing at least 50% year-on-year growth.

For 2025, the company expects an EBITDA range of €70 million to €110 million, surpassing market consensus. This anticipated growth is aligned with a planned moderate increase in project sales. PNE aims to expand its wind and PV project portfolio, while adopting a slower pace of growth. This strategy aims to balance increased revenue from projects with a tempered development of green power plants.

The report values the project development segment higher, offset by a lower valuation of electricity generation. First Berlin applauds PNE's enhanced earnings transparency and commitment to short-term profitability, projecting a return to positive net results.